Marlborough-based Sunovion Pharmaceuticals said it has agreed to sell rights to its drug Xopenex Inhalation Solution (IS), used in the treatment of obstructive airway disease such as asthma.
Niche pharmaceutical company Akorn Inc. is expected to pay $45 million for Xopenex IS, which is used by adults and children ages six years and older. The boards of both companies have approved the transaction but the sale is subject to customary closing conditions. Sunovion did not announce a closing date.
Akorn, headquarted in Lake Forest, Ill., plans to ship Xopenex immediately following the closing of the deal. Sunovion said it will work with Akorn to ensure uninterrupted access to patients.
“Our plan is to recognize the value gained from the sale of this product to invest back in the business, allowing us to continue to provide effective treatment for patients,” said Hiroyuki Baba, executive vice president of corporate strategy at Sunovion.
